What is in Interim Budget-2024?

What is in Interim Budget in 2024?

Budget 2024: Govt focused on GDP – Governance, Development and Performance, says FM Nirmala Sitharaman.

Markets are flat and choppy.

Interim Budget- No change in Tax rates.  Bond markets are up.

Thrust on Housing- PSBs respond positively.

FM Nirmala Sitharaman said the government is equally focused on GDP – Governance, Development and Performance

Union Finance Minister Nirmala Sitharaman presents the Interim Budget 2024 in the Lok Sabha, at Parliament House in New Delhi.

Budget 2024: Union Finance Minister Niramala Sitharaman started her Budget 2024 speech by highlighting the inclusive approach of Prime Minister Narendra Modi-led government. Giving a new mantra of development, the Finance Minister said the government is equally focused on GDP – Governance, Development and Performance.

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The Finance Minister said the government is working with an approach to development that is all-round, all-pervasive and all-inclusive. It covers all castes and people at all levels. The government is working to make India a ‘Viksit Bharat’ by 2047.  To achieve this goal, we need to improve people’s capabilities and empower them.

The finance minister further said the next five years will be years of unprecedented development. The economy is doing well and people are living better and earning better with greater aspirations for the future. The average real income of people has increased by 50%, inflation is moderate. She indicated that ‘pro-active inflation management’ had helped contain inflation within the target band of 2% to 6%.

The Finance Minister said that to give more boost to development the government is taking several initiatives. The government has increased the outlay for infrastructure to ₹11.11 lakh crores in FY25. For further growth of the agriculture sector, the government is further promoting public and private investment in post-harvest activities.

The finance minister further said 43 crore loans aggregating to ₹22.5 lakh crore have been extended under PM Mudra Yojana. Besides that, Fund of Funds, Start Up India, and Start Up Credit Guarantee schemes are assisting our youth. They are also becoming ‘rozgardata’.

The Finance Minister also said the impact of all-round development is discernible in all sectors. There is macro-economic stability, including in the external sector. Investments are robust. The economy is doing well.

The Finance Minister said the government will adopt economic policies that foster and sustain growth, facilitate inclusive and sustainable development, improve productivity, create opportunities for all, help them enhance their capabilities and contribute to the generation of resources to power investments and fulfil aspirations…”

The Skill India Mission has trained 1.4 crore youth, upskilled and reskilled 54 lakh youth, and established 3000 new ITIs. Under the mission, the government, through more than 20 central ministries/departments, is implementing various skill development schemes across the country. A large number of new institutions of higher learning, namely 7 IITs, 16 IIITs, 7 IIMs, 15 AIIMS and 390 universities have been set up.

Speaking about women’s empowerment, which has the potential to transform the rural socio-economic landscape, the finance minister said the government has decided to enhance the target of lakhpati didi from 2 crore to 3 crore.

“83 lakh SHGs with nine crore women are transforming rural socio-economic landscape with empowerment and self-reliance. Their success has assisted nearly 1 crore women to become lakhpati didi already. Buoyed by the success, it has been decided to enhance the target of lakhpati didi from 2 crore to 3 crore.